Old Republic Helps Out Phoenix NSP Effort

Posted by Orb Staff on July 16, 2009 No Comments
Categories : Residential Mortgage

horized under Title III of the Housing and Economic Recovery Act of 2008, the city of Phoenix has established a Neighborhood Stabilization Program (NSP) to help potential home buyers purchase foreclosed homes at a discount. As a part of this program, the NSP includes a three-year Home Service Contract on each eligible property, at no cost to the home buyer. And, as three-year contracts were not previously offered, Old Republic Home Protection Co. Inc. (ORHP) designed a program to meet the need, the company says. "There are risks in offering a Home Service Contract that runs three times longer than our standard plan, but our goal has always been to be a company that meets the needs of the community we serve," says ORHP President Gwen Gallagher. Dirk Doud, regional vice president with ORHP, praised Phoenix for recognizing the value of having a home warranty on homes that will be purchased through the program. "The home warranty can reduce the buyer's out-of-pocket expenses for unexpected repair or replacement of covered items for three years after they purchase the home," Doud says. SOURCE: Old Republic Home Pro

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